Below is a general market update for Western Washington. As with all general area statistics, some of the biggest changes are minimized by the scope of the area selected. What most buyers and agents are seeing the most is the lack of more affordable priced homes. If your definition is under $250K-that market is almost entirely gone in King & Snohomish counties. Here’s a few points that show the declines in available homes. We are seeing, as is typical this time of year, an increase in overall inventory and this will include some moderately priced homes. What we are also seeing is a moderation in overall quantity of offers and the final sales prices not being quite as far over asking prices as we’d seen earlier this year.
Here’s a market stats update for our general Western Washington area. What gets missed in most market data is the decline in moderate priced homes.
On the Eastside homes priced at $750K or less are down 30%; 24% for homes under $1M.
In Seattle the decline for homes under $500K was 64%; 27% for homes between $500-750K while homes priced between $1M-2.5M are up 85%
Snohomish County saw an 11% drop in home sales under $750K but 17% for homes between $250-500K. While home owners are happy to see strong market appreciation, it’s freezing many home owners in their homes who would like to move but don’t want to pay these newer home prices
Snohomish County median home price is now $505,975, up 15% from 2017
Seattle’s median closed price is up to $819K, up 13% and the Eastside price is $943K, up 7%